This week, on June 19th, 2018, the United States Patent and Trademark Office (USPTO) issued patent number 10 million. This milestone surely surpasses the highest expectations of America’s Founding Fathers, who originally called for a patent system in the Constitution to “promote the Progress of Science and useful Arts.”
Why Patents Matter
So, why does this matter? Patents are exceptionally important to many businesses, particularly when it comes to technology. According to the World Intellectual Property Organization, the 6 main reasons for Patenting are:
- Exclusive rights
- Strong market position
- Higher returns on investments
- Opportunity to license or sell the invention
- Increase in negotiating power
- Positive image for your enterprise
Patents in the technology space are seen as proof of innovation. Startups want to be “inventing some core piece of technology, whether it be AI, machine learning, autonomous driving, or computer vision..Patents will matter a lot more in those contexts” says Ethan Kurzweil, a partner at Bessemer Venture Partners.
Issuing 10 million patents is an incredible accomplishment of creativity and ingenuity and a celebration of the American Intellectual Property system. Shmuel Kliger, Yechiam Yemini, Yuri Rabover, Shai Benjamin and I founded Turbonomic on the premise that software can manage IT better than humans, and the original concept of applying economics to shared compute resources was initially discussed in a series of papers by co-founder, Yechiam Yemini in the 1980’s.
Founded by these entrepreneurs in academia, Turbonomic’s first patent, US Patent no. 8,396,807, was published on March 12, 2013: “Managing Resources In Virtualization Systems.” The patent describes the principles of the economic model embedded in our products – the supply chain, service entities, commodities and price functions, and establishes the intellectual property that is in the core of our technological leadership.
Since then, the USPTO has granted 10 more Turbonomic patents (and 6 are currently pending). We are incredibly proud of our contributions to the USPTO’s celebration of 10 million patents issued! Innovation is Turbonomic’s life blood. Our IP is essential to our identity and success and Turbonomic not only salutes this nation’s founding fathers and Turbonomic’s founders, but also our talented engineers for continuously driving advancements and contributing to the ongoing advancement of science, innovation, and technology.